Homeowners aiming to renovate their properties this year face significant challenges due to increased costs for materials and labor, along with stricter planning regulations. Since 2020, construction material prices have risen by over 37%, with some essentials like insulating materials and pre-cast concrete experiencing even greater price jumps. Labour costs have also surged, squeezing renovation budgets significantly. Concurrently, the number of planning approvals for home improvements has dropped sharply, making the prospect of successful renovations more daunting, especially in certain regions of England.
Steven Mulholland, CEO of the Construction Plant-hire Association, says: "Construction costs have skyrocketed - this isn't a temporary squeeze, it's a structural problem making renovations increasingly unaffordable."
The average price of construction materials has risen by more than 37% since the start of 2020. Certain essentials like insulating materials and pre-cast concrete have seen price jumps exceeding 60%.
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